Who Needs Life Insurance

Anyone with financial dependents should obtain life insurance. This includes a variety of individuals, from parents to married couples. Simply put, you purchase insurance on your automobile, your house and other valuables, so why not do the same with the income that supports your loved ones? Let's take a look at why life insurance is important for a wide range of people.

Married without children

A husband and wife typically share money in a variety of ways. They pay bills together, purchase a home together, and save for retirement together. This is exactly why each should have life insurance coverage. If one happens to perish, the spouse will be able to maintain his quality of life through the proceeds of the other's life insurance policy. Also, couples that are trying having children should take out a life insurance policy in case pregnancy happens, as health complications can impact a monthly life insurance premium.

Married with kids

While it is important to have a means of income for your spouse in case you pass away, your children will also benefit from such a policy. This way they'll be able to live the type of life that they've grown accustomed to, without any radical lifestyle changes. Children are totally dependent on their parents' income and losing half or more of that money will impact their quality of life and their chances of attending college.

Single Parent

Life insurance is essential for single parents. A single parent does it all for his or her child. From cooking meals to paying for just about everything, a parent without a spouse is the center of his child's life. This means that the child will have no source of support if his parent perishes and no life insurance policy is in place.

Parents who don't work

Parents who aren't employed still pay for significant items for their family members. Food, transportation, school, clothes and other items cost plenty of money and a child without such support would face an uphill battle. Stay at home parents should obtain a life insurance policy that will pay for these life necessities in case they pass away and leave a child behind.

Retirees

Anyone who is retired will be able to provide a means of subsistence for his offspring after death in an immediate fashion through a life insurance policy. While estates left to heirs require the payment of taxes, this is not true of a life insurance policy.

Owners of small businesses

Life insurance protects more than dependents. It can also insure a small business. If a business owner or his business partner perishes, a life insurance policy insures the financial loss of the business. Such an insurance policy also allows the surviving partner to purchase the remainder of the business at a predetermined price that the two parties agreed upon in the past. There's also financial assistance provided to business owners who need to find a replacement for business's ownership stake that the deceased person used to hold. This is commonly referred to as life insurance's “key person insurance”.

Singles

While most singles think that they have no need for life insurance, this is incorrect. Many singles have financial responsibilities to others. For example, singles might carry student loan debt that would be left squarely on the shoulders of their co-signers in the event of death.

Did this information help you determine if you need life insurance? If so, get a free life insurance quote now by filling out our simple online form.